Financial Aid Question?
I am graduating next year and getting my bachelors but will be going the next semester to obtain my masters.
My fiance and I are thinking of getting married after I graduate but before my masters program starts. I dont have an income and he works and goes to school but makes about half as much as my parents do.
Are my chances better to get married to get more financial aid since my fiance is the only one bringing in money? That would make me independent even though Im under 24 years of age, right?
And yes, my parents havent claimed me on their taxes for a long time-i moved out when I was 18.
Thanks guys.
Answers & Comments
Verified answer
You don't have to be married to become an independent under the age of 24. If you are going to graduate school (Masters, JD, MD, etc.), you can claim to be an independent for financial aid purposes. Since you're going to get your masters, this qualifies you. And since you have no income yourself, this would be the way to get the most aid. Basically, they will probably find you eligible for as much aid as possible since you have zero income. You will probably qualify for the Stafford subsidized loan, which will give you up to $8500/yr that is tax-free until 6 months after you graduate. Tax free money is the best way to stay out of debt, with the exception of wealthy parents.
Anyway, don't get married just to get more financial aid. You will get more by being an independent. But, if your future husband could help pay for your tuition, you could take out less loans, thus giving you less debt for the future. Of course, if you love him and can't wait to marry him, that's a good reason to do it.
First of all, ONLY get married if you are ready to get married, not just because of financial aid. If you get married and are under 24 years of age, yes you no longer have to put your parents income on the FAFSA, but you will have to put your husbands income. You will probably qualify for more aid that way, but the only way to know for sure is to fill out the form and see. My advice is to go on yahoo search and type in efc calculator, and run the numbers with and without being married and see which EFC is lower. That will give you an estimate on the financial aid you can expect to receive if you get married. Good luck!